Myanmar’s Parliament has approved 137.83-million-U.S.-dollar loans from South Korea to be used for rural development project, parliament sources said Friday.
The loan, to be borrowed by the Ministry of Construction from the Economic Development Cooperation Fund (EDCF) of South Korea, will be used in rural development in Yangon and Ayeyawaddy regions.
The EDCF will also disburse loan of 55.874 million U.S. dollars for the expansion of high-speed fiber links between Taunggyi and Mandalay, Mandalay and Myitgyina, Dawei and Kawthoung and Magway and Sittway, under an agreement signed between the Myanmar Ministry of Communications and Information Technology and the Export-Import Bank of Korea in March.
For the past few years, South Korea has been helping Myanmar in development of a number of sectors including agriculture and its mechanization, irrigation technology, rural and socio-economic development as well as that of the health sector.
The parliament also passed a 21 million-U.S.-dollar loan from the Japan International Cooperation Agency to be used by the Ministry of Electric Power and the Ministry of Transport form power distribution project for Yangon.